$14B from renting out compute. In year one. And that's SpaceX, not a cloud company. TD Cowen has started covering SpaceX (SPCX) with a Buy rating and a $200 target, about 35% above today's ~$148. There's a detail crypto people tend to forget: SpaceX holds 18,712 $BTC on its balance sheet, according to its IPO filing. That makes it one of the largest public bitcoin holders. But TD Cowen isn't building its case on bitcoin, Starlink or launches. According to the forecast, a different business line goes from about a third of revenue this year to roughly two-thirds by 2028. Anthropic and Google are already among its clients. I've put together a full breakdown in my Telegram: what exactly SpaceX is renting out, why it could beat Starlink, and where the forecast is weakest. 🔗 Link in the first comment. #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#